President Hichilema happy with UAE’s desire to invest in Zambia

President Hakainde Hichilema says government is determined to unlock Zambia’s economic potential through partnering with other countries in order to promote economic development in the country.

President Hichilema said government is committed to harnessing the energy, agriculture and mining sectors among others through strong partnerships with established companies from the United Arab Emirates (EAU) who have expertise in the said areas.

He added that government welcomes interventions from the UAE aimed at investing in the energy sector which is currently experiencing challenges of electricity deficit due to low water levels in the Kariba dam.

He said this when a delegation from the United Arab Emirates paid a courtesy call on him at State House today.

He said the UAE has a huge understanding of renewable energy and hoped the problems that the energy sector is facing will be addressed following the visit by the delegation from that country.

Mr Hichilema further stated that Zambia is blessed with favourable climatic conditions, adding that there is need to exploit the agriculture sector which has potential to grow the economy and improve people’s livelihoods.  

On mining, the President said the country is endowed with various mineral resources which once exploited by the UAE investors, will turn around the country’s economy.

“Our recent visit to the United Arab Emirates has started bearing fruit with a delegation from that country coming on board to explore investment opportunities in the country, this is commendable,” he said.

Present Hichilema said he is happy with the speedy and rapid response from King Sheikh Ahmed Dalmook, who is a member of the ruling family of Dubai in the UAE, for leading a delegation to Zambia and exploring investment opportunities.

Mr Hichilema also said it was gratifying that the United Arab Emirates (UAE) have already shown interest to set companies in Zambia to foster social and economic development for the benefit of the people.

And Sheikh Ahmed Dalmook expressed happiness to invest in different sectors such as energy, forestry, agriculture and mining in Zambian.

He said the UAE is interested to invest in Zambia and develop the carbon abatement projects through reforestation and renewable energy projects.

He further explained that his blue carbon company develops environmental assets and offers nature-based solutions to various countries.

The Prince said his delegation will start with investing in carbon credit since the country is blessed with a lot of forests.

Carbon credit is a mechanism of removing carbon dioxide from the atmosphere through clean energy exploitation.

He said Zambia is a good destination for investment due to the favourable climatic conditions and warm relationship among the people.

“I am here in Zambia with my delegation to look at different opportunities for us to invest in and create jobs for the people following the visit by President Hichilema to the UAE last month where a number of business talks were tabled,” he said.

Meanwhile, Minister of Green Economy and Environment, Collins Nzovu, said Zambia is going to benefit from carbon credit business of the UAE.

Mr Nzovu said it is important to partner with companies from the UAE who have strong capital to set up investments.

He said his ministry has already engaged traditional leaders to provide land for investment.